New York, USA, April 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by research Dive, the global barite market is envisioned to generate a revenue of $1,712.1 million by 2028 and grow at a CAGR of 4.3% during the estimated period from 2021-to 2028.
As per our analysts, with the growing use of barite in a wide range of applications across the paint and coating industry, the market is expected to experience progressive growth during the analysis period. Moreover, the increasing use of barite in the plastics and rubber industry to make PVC products, toys, automobile components, toys, etc. is expected to create massive growth opportunities for the barite market during the forecast period. However, the presence of substitutes, such as synthetic ilmenite, iron ore, and many others may hamper the growth of the market throughout the estimated timeframe.
Get Access to the Exclusive PDF Sample of Barite Market
Segments of the Market
The report has been divided the barite market into segments based on color, deposit type, grade, end-use industry, and region.
Color: Grey Sub-Segment to be Most Profitable
The grey sub-segment is projected to generate a revenue of $919.5 million during the analysis timeframe. This is mainly because grey barite is widely used to prevent the explosive release of gas and oil during drilling. In addition, the increasing use of grey barite powder in various industrial applications is predicted to bolster the growth of the barite market sub-segment over the forecast period.
Deposit Type: Bedding Sub-Segment to be Most Productive
The bedding sub-segment is expected to garner a revenue of $903.4 million during the estimated timeframe. This is because the bedded barite is considered the most economic form of barite which has been formed as an emanation from seafloor sediments. Furthermore, bedded barite can be mined by using large-scale open-pit mining techniques and requires simple processing steps for extraction, which is expected to fortify the growth of the barite market sub-segment during the analysis period.
Grade: Grade 4.2 Sub-Segment to be Most Beneficial
The grade 4.2 sub-segment is expected to generate a revenue of $521.0 million during the forecast timeframe. This is mainly due to the high specific gravity, physical and chemical inertness, very low solubility, and relative softness of grade 4.2. Moreover, the increasing use of grade 4.2 barite in agricultural pesticides is the major factor expected to fuel the growth of the barite market sub-segment during the estimated period.
Avail 10%OFF on On-demand Customization of Barite Market Report
End-Use Industry: Oil & Drilling Sub-segment to be Most Lucrative
The oil & drilling sub-segment is predicted to garner a revenue of $1,103.7 million during the analysis period. This is mainly because barite is used as a weighting agent to balance the weight of the mud, underground oil, and gas. Moreover, the increasing use of barite to prevent the entry of gas, oil, or salt-water into high-pressure zones which further helps to prevent many oil & gas accidents, is predicted to uplift the growth of the market sub-segment during the forecast period.
Region: Asia-Pacific Region to Have Enormous Growth Opportunities
The Asia-Pacific region of the barite market is expected to grow at a healthy CAGR of 5.1% during the estimated period. This is mainly due to the strong presence of the largest producers of barite in this region. Furthermore, the increasing use of barite for oil & gas drilling operations, industrial applications, counterweights, and construction purposes in this region, is expected to thrive the regional growth of the market during the forecast period.
Covid-19 Impact on the Market
With the rise of the Covid-19 pandemic, the barite market has experienced a negative impact owing to the sharp decline in the production of barite. In addition, due to travel restrictions imposed by the governments of many nations and a drastic reduction in the demand for transportation fuel, the consumption of barite was badly impacted. All these factors have declined the growth of the market during the period of crisis. However, various initiatives implemented by the leading market players are expected to bring huge growth opportunities for the market during the forecast period.
Key Players of the Market
The major players in the barite market include
- Excalibar Minerals LLC
- International Earth Products LLC
- Kaomin Industries
- Halliburton Company
- Barium & Chemicals Inc
- Ashapura Group
- Seaforth Mineral & barite market Ore Co. Inc.
- Desku Group Inc.
- New Riverside Ochre Company, Inc.
- Apmdc.
These players are broadly working on the development of new business tactics such as partnerships and collaborations, mergers and acquisitions, and product development to gain leading positions in the global industry.
For instance, in May 2021, CIMBAR Performance Minerals Inc., a global leader in the delivery of performance mineral-based additive solutions across multiple markets and industries, announced its acquisition of TOR Minerals, a renowned global manufacturer of specialty mineral products including flame retardants, pigments, and engineered fillers. With this acquisition, TOR Minerals aimed to expand its product portfolio, and enhance superior product security and business continuity.
Further, the report also summarizes other vital aspects including product portfolio, the financial performance of the key players, the latest strategic developments, and SWOT analysis.
Barite Market Report Overview & TOC
Related links:
- Why is Barite Considered an Important Industrial Mineral?
- Increasing Use of Barite in Automotive Industries and Its Excellent Whitening & Brightening Properties to Drive the Global Barite Market by 2028
